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Tax-Managed Multi-Cap Growth Fund (C)

The Fund

Managed with a focus on after-tax portfolio returns, the Fund invests primarily in stocks of U.S. companies that are expected to, among other things, grow faster than the overall U.S. economy. The growth companies held by the Fund may be of varying sizes, including established large-cap market leaders, as well as less seasoned small- and midcap companies.

The Approach

The Fund employs a primarily bottom-up approach to identify stocks that appear reasonably priced relative to their fundamental prospects, and that management believes will grow in value over time. Stock selection involves consideration of price appreciation potential, risk/return characteristics and other factors. To help limit shareholder taxes, the Fund generally seeks to minimize taxable distributions.

The Features

The Fund leverages the analytical expertise and collaboration of two experienced investment professionals. Its focus on after-tax returns may be well-suited to tax-sensitive investors, while its emphasis on growth-oriented companies may appeal to investors seeking long-term capital appreciation. In addition, its “multicap” approach provides the Fund managers the flexibility to pursue growth opportunities up and down the market-capitalization spectrum as warranted.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market vola tility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of share s offered by the Fund are different. Performance less than or equal to one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distri butions and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to sharehold ers who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares of fered by the Fund are different. Max Sales Charge: 1%.

Portfolio Management

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk:

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated by tax legislation regulation or interpretation. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

1. Russell 3000® Growth Index is an unmanaged index of the broad growth segment of the U.S. equity universe. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as a pplicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Total net assets equals the sum of the net assets of each of the Fund's share classes. Portfolio total net assets includes fund total net assets plus any additional assets invested in the Portfolio.
3. Source: Fund prospectus.
4. Top 10 Holdings excludes cash and equivalents.
5. Percent of total net assets.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market vola tility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of share s offered by the Fund are different. Performance less than or equal to one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distri butions and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to sharehold ers who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares of fered by the Fund are different. Max Sales Charge: 1%.

Morningstar Rating™as of Apr 30, 2018

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considere d a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rat ing for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

Capital Gain History8

No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years. Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk:

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated by tax legislation regulation or interpretation. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

1. Russell 3000® Growth Index is an unmanaged index of the broad growth segment of the U.S. equity universe. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as a pplicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
3. Source: Fund prospectus.
6. The Morningstar Large Growth Category includes funds that invest primarily in U.S. large-cap companies with growth characteristics such as high earnings growth and high valuations (high price ratios and low dividend yields).
7. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R-Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
8. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk:

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated by tax legislation regulation or interpretation. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

1. Russell 3000® Growth Index is an unmanaged index of the broad growth segment of the U.S. equity universe. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as a pplicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
5. Percent of total net assets.
9. A delay in transaction settlement may result in a negative cash position.
10. Active Share is a measure of the differentiation of the holdings of a portfolio from the holdings of its appropriate benchmark index. It is calculated as one half of the sum of the absolute value of the differences found between the portfolio weights and the benchmark weights.
11. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject t o change due to active management.

Management

Lewis R. Piantedosi

Vice President, Eaton Vance Management
Joined Eaton Vance 1999

Biography

Lewis Piantedosi is a vice president of Eaton Vance Management, director of growth equity and team leader of Eaton Vance's growth team, where he also serves as a portfolio manager. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's growth equity strategies. He is a member of the firm's Equity Strategy Committee. He joined Eaton Vance in 1993.

Lew began his career in the investment management industry in 1993. Prior to rejoining Eaton Vance in 1999, he served as partner, portfolio manager and equity analyst with Freedom Capital Management. Previously, he was a research analyst with Eaton Vance Management.

Lew earned a B.A. from Framingham State College and an MBA from Bentley University.

Biography

Yana Barton is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s growth team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s growth equity strategies. S he is a member of the firm’s Equity Strategy Committee. She began her career in the investment management industry with Eaton Vance in 1997.

Yana earned a B.S. from the University of Florida. She is a member of the CFA Society of Boston and is a CFA charterholder.

Summary Prospectus

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Before investing in any Eaton Vance fund or unit investment trust (UIT), prospective investors should consider carefully the investment objective(s), risks, and charges and expenses. For open-end mutual funds and UITs, the current prospectus contains this and other information. To obtain a mutual fund prospectus or summary prospectus and the most recent annual and semiannual shareholder reports, contact your financial advisor or download a copy here. Read the prospectus carefully before you invest or send money. For closed-end funds, you should contact your financial advisor. To obtain the most recent annual and semi-annual shareholder report for a closed-end fund contact your financial advisor or download a copy here. To obtain a UIT prospectus, contact your financial advisor or download a copy here. Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus containing this and other information, contact your investment or insurance professional. Read the prospectus carefully before investing.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

Eaton Vance does not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision.

The information on this Web page is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase, securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

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If you are not a professional client you should not proceed any further. The content should not be looked at or distributed to retail clients.

Certain products and services mentioned on this website may not be eligible for sale in some states or countries and they may not
be suitable for all types of investors. This website does not constitute an offer or solicitation and is not directed at you if Eaton Vance Management
(International) ltd (EVMI) is prohibited by any law of any jurisdiction from making the information on this website available to you and is not
intended for any use that would be contrary to local law or regulation. No products and services mentioned on this website must be promoted in
any jurisdiction where this would not be permitted.

This website does not constitute investment, legal or tax advice with respect to our products and services and it is important
that you do not rely on its content when making an investment decision. You should obtain relevant and specific professional advice before making
any decision to enter into an investment transaction. EVMI does not represent that the information on this website, including any third party
information, is accurate or complete and it should not be relied upon as such. Past performance is not a guide to future returns.

The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested.
Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of
overseas investments and the income therefrom to rise and fall.

Information in this section may contain statements that are not historical facts, referred to as forward-looking statements.
A Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in
securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory,
administrative and service contracts, and other risks.

All information in this section are for "Professional Client ONLY". To access this website users must qualify as a "Professional
client". Any person who does not fall into the categories listed above should not rely on the information contained in this website.

By clicking the Okay button below, you confirm that you are from an eligible jurisdiction to review material relating to the
Fund or Strategies (or are authorised to conduct investment business in the jurisdiction within which you are resident and under the law of that
jurisdiction, you are authorised to view material relating to collective investment schemes) and that you are a Professional Client.

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Disclosure - Restricted content

The information contained in this section of the website is designed solely for professional clients.
If you are not a professional client you should not proceed any further. The content should not be looked at or distributed to retail clients.

Certain products and services mentioned on this website may not be eligible for sale in some states or countries and they may not
be suitable for all types of investors. This website does not constitute an offer or solicitation and is not directed at you if Eaton Vance Management
(International) ltd (EVMI) is prohibited by any law of any jurisdiction from making the information on this website available to you and is not
intended for any use that would be contrary to local law or regulation. No products and services mentioned on this website must be promoted in
any jurisdiction where this would not be permitted.

This website does not constitute investment, legal or tax advice with respect to our products and services and it is important
that you do not rely on its content when making an investment decision. You should obtain relevant and specific professional advice before making
any decision to enter into an investment transaction. EVMI does not represent that the information on this website, including any third party
information, is accurate or complete and it should not be relied upon as such. Past performance is not a guide to future returns.

The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested.
Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of
overseas investments and the income therefrom to rise and fall.

Information in this section may contain statements that are not historical facts, referred to as forward-looking statements.
A Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in
securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory,
administrative and service contracts, and other risks.

All information in this section are for "Professional Client ONLY". To access this website users must qualify as a "Professional
client". Any person who does not fall into the categories listed above should not rely on the information contained in this website.

By clicking the Okay button below, you confirm that you are from an eligible jurisdiction to review material relating to the
Fund or Strategies (or are authorised to conduct investment business in the jurisdiction within which you are resident and under the law of that
jurisdiction, you are authorised to view material relating to collective investment schemes) and that you are a Professional Client.

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By clicking the box below, you confirm that you are from an eligible jurisdiction to review material relating to the Fund (or are authorised to conduct investment business in the jurisdiction within which you are resident and under the law of that jurisdiction, you are authorised to view material relating to collective investment schemes).

GENERAL DISCLAIMER

Certain products and services mentioned on this website may not be eligible for sale in some states or countries and they may not be suitable for all types of investors. This website does not constitute an offer or solicitation and is not directed at you if Eaton Vance Management (International) ltd (EVMI) is prohibited by any law of any jurisdiction from making the information on this website available to you and is not intended for any use that would be contrary to local law or regulation. No products and services mentioned on this website must be promoted in any jurisdiction where this would not be permitted.

This website does not constitute investment, legal or tax advice with respect to our products and services and it is important that you do not rely on its content when making an investment decision. You should obtain relevant and specific professional advice before making any decision to enter into an investment transaction. EVMI does not represent that the information on this website, including any third party information, is accurate or complete and it should not be relied upon as such. Past performance is not a guide to future returns.

The value of investment funds and the income therefrom may go down as well as up and you may not get back the original amount invested. Your capital could be at risk. You are not certain to make money from your investments and you may lose money. Exchange rates may cause the value of overseas investments and the income therefrom to rise and fall.

Information in this section may contain statements that are not historical facts, referred to as forward-looking statements. A Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory, administrative and service contracts, and other risks.

QIAIF DISCLAIMER

The Fund is an umbrella fund of the Eaton Vance Institutional Funds plc (the "Company"), a public limited company with variable capital with segregated liability between sub-funds incorporated in Ireland pursuant to the Companies Acts. The Company is authorised and regulated by the Central Bank of Ireland as a Qualified Investors Alternative Investment Fund (QIAIF) and solely intended for Qualified Investors (as defined in the Fund prospectus).

The Fund is currently authorised in Ireland only and as a QIAIF the Company may apply for recognition by other EU Member States. The QIAIF mentioned on this website may not be eligible for sale in some countries.
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